Auctions have traditionally been conducted on site, in the sense that bidders are physically located at an auction to participate in the auction. For example, auctions in real estate are traditionally conducted outside the property where an auctioneer conducts the auction, and bidders are able to participate in the auction.
In more recent times, with the advent of the Internet, auctions can be held online, where bidders participate in the auction remotely.
However, these auctions suffer from a disadvantage of being limited to allowing only site or only online bidders to participate in the auction. The number of bidders in these auctions is limited as online bidders and site bidders are unable to compete in an auction together. This can lead to a reduction in competition at the auction, which therefore can lead to an unsatisfactory result for the owner of the property, and even the bidders as the property may not meet a reserve value.
There are also complications involved in allowing online bidders and site bidders to compete together in an auction. For example, an online bid may be received just after the property has been sold, yet the online bid may have been submitted by the online bidder prior to the property being sold. This can be a rather difficult situation for the auctioneer to resolve.
Therefore, there is a need for a method and/or system to conduct an auction which allows online and site bidders to compete together.
The reference in this specification to any prior publication (or information derived from it), or to any matter which is known, is not, and should not be taken as an acknowledgment or admission or any form of suggestion that that prior publication (or information derived from it) or known matter forms part of the common general knowledge in the field of endeavour to which this specification relates.